Skip to Main Content

Insurance for sports cars

Bankrate Logo

Why you can trust Bankrate

While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for . This content is powered by HomeInsurance.com (NPN: 8781838). For more information, please see our

While the exhilarating ride backed by added horsepower may appeal to drivers, car insurance companies represent the other side of this equation, recognizing the risks associated with insuring sports vehicles. For this reason, insurance for sports cars can be higher than standard economy vehicles because your carrier will probably require you to have specific protections. In some cases, car insurance companies may decide not to insure a sports car if the risk associated with it is too high. However, drivers can take certain steps to reduce the cost of their sports car insurance and reduce the likelihood of being denied coverage.

How much is insurance for a sports car?

In general, sports car owners will likely pay a higher premium for insurance. The steeper cost for sports cars is likely attributed to the fact they are typically associated with speeding or other unsafe driving behaviors, which presents a higher risk to carriers as a result. In addition, insurers also recognize that sports cars have a higher risk for:

  • Collision damage
  • General safety
  • Parts replacement
  • Vehicle theft

In addition to a higher risk profile, sports cars have a higher intrinsic value compared to standard sedans. The higher Insured Declared Value (IDV) on sports cars can make the premium more expensive. How much higher your premium will be than the national average for a standard sedan will depend on your geographic location, marital status, specific vehicle make and model, credit history (in most states) and driving history.

As you can see in the table below, the cost of insuring a sports car is typically around $2,100 a year for full coverage, based on quoted annual premiums from Quadrant Information Services. In comparison, the national average cost of car insurance for a standard sedan is $1,674 for full coverage.

Average cost of insuring a sports car

Model Average annual full coverage premium Average annual minimum coverage premium
Chevrolet Corvette $2,220 $444
Dodge Charger $2,077 $537
Ford Mustang $2,188 $494
Dodge Challenger $2,074 $535

What do insurance companies consider to be sports cars?

Every insurance company is different and vehicle classification standards may vary among insurers. While higher-end models made by world-renowned companies like Porsche or Jaguar are easier to designate as sports vehicles, companies such as Subaru or Honda produce models that can sometimes be in a gray area. As a general guide, insurance companies usually classify vehicles with the following traits as a sports car:

  • Smaller and lighter than a standard sedan
  • Two seats
  • Soft back
  • High horsepower
  • Greater than 350-cubic inch motor
  • Turbocharged engine

Ultimately, your car insurance company may decide whether your vehicle is a sports car by entering the VIN into the insurer’s system, which will take into account the vehicle make, model, horsepower, number of cylinders, size and weight.

Although some features may be common to both sports cars and regular sedans or SUVs, the former is usually noted by a few distinct traits. Turbocharged engines, a 350cc or higher motor, greater than average horsepower, two seats and a low-built design are typically unique to vehicles that are considered sports cars. However, since many non-sports cars have turbocharged engines, your best bet is likely to ask your insurance company whether or not it considers your vehicle to be a sports car.

What coverage do you need for a performance car?

The general rule of thumb with auto insurance is that you consider your assets and what level of financial risk you are willing to assume. Because sports cars tend to have higher-end features, specialty parts and other costly components, you may need more robust coverage to financially protect the vehicle, in the event you are responsible for repairs or damages. The following coverages can be considered when purchasing your sports car insurance policy:

  • Collision and comprehensive insurance: These are probably two coverage types you might need to insure your sports vehicle. These protect you financially from repair costs for your sports car if it is damaged from a covered loss. It also covers damage caused by things outside of a collision, such as natural disaster, fallen objects or theft.
  • Personal injury protection or medical payments insurance: With personal injury protection or medical payments insurance, your insurer will help cover the cost of medical expenses for you and your passengers, regardless of who is found to be at fault from an accident.
  • Gap or new car replacement insurance: Gap coverage may be of interest to drivers financing their brand new sports cars, as it will cover you if you owe more on the car than your insurance company would pay to replace it. With new car replacement coverage, you are able to recover the cost of buying a replacement vehicle of the same make and model.

Outside of your state and lender requirements, there are no additional requirements for sports car coverage that drivers must meet. Instead, it is up to sports car owners to ensure they have the breadth of coverage necessary for protecting their assets. Always consult with your insurance agent to understand what coverage limits and add-ons are available to help further protect your luxury vehicle.

How can you save money on sports car insurance rates?

Sports car insurance is typically more expensive than a standard economy sedan, however, there are some ways in which drivers can reduce their premiums. By taking advantage of available discounts through your insurance carrier, you may be able to secure lower rates without sacrificing your coverage. The following are some of the best car insurance discounts to watch for when purchasing your sports car insurance policy:

  • Good driving: Safe driving programs are common with many insurance carriers, providing discounts for those who have avoided traffic violations and accidents for a given period of driving history. Other providers allow drivers to install a telematics monitoring device to provide specific savings based on their current driving behaviors.
  • Multi-policy discounts: If you obtain a home insurance policy alongside your auto insurance policy from the same company, most insurers offer a bundling discount, applying savings on both policies.
  • Safety features: Some insurers offer discounts if your vehicle is equipped with special safety features. Review the list of eligible safety features to see if your car qualifies for a discount. While these might not be as common with sports cars, ask your insurer to see if you qualify for a unique safety discount based on your vehicle’s features.
  • Telematics: These usage-based insurance programs track your driving through an app or physical device and award discounts for safe driving behaviors. If you have safe habits behind the wheel, you may save by signing up for a telematics program.

In addition to the discounts, drivers could also save on premiums by taking on a higher deductible. While this lowers your premium, it does mean you are assuming more financial responsibility in the event of a claim.

Frequently asked questions

What cars are the most expensive to insure?

In general, the higher the value of your vehicle, the higher your premium will be. Sports and luxury or collector vehicles are among the most costly to insure, based on average premiums.

How is exotic car insurance different?

While they may look similar to the untrained eye, sports cars differ from exotic cars in that they are rarer and usually have a higher vehicle value. As a result, many insurance carriers won’t insure exotic cars. For instance, Progressive will not insure your vehicle if it is valued at over $150,000. Drivers of a Lamborghini Aventador, Porsche Taycan Turbo S, or any other vehicle valued higher than $200,000 will likely need to seek out a specialty auto insurance company or those that cover collector vehicles.

How is classic car insurance different?

The characteristics that make a vehicle a classic car vary, but a classic car is typically any vehicle more than 20 years old that is restored consistently with its original build. While classic car insurance usually includes normal coverage types such as liability, collision and comprehensive coverage, there are other non-standard elements of a classic car policy. You’ll have to determine an agreed value for your vehicle with the insurance company that should reflect your vehicle’s appreciation. Restoration coverage provides coverage while you’re in the process of restoring or rebuilding your vehicle, and spare parts coverage provides financial protection for specialty tools and parts that may be in your possession. Classic car coverage may include higher limits for spare parts, which can be more expensive than for a standard vehicle.

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:

  • $100,000 bodily injury liability per person
  • $300,000 bodily injury liability per accident
  • $50,000 property damage liability per accident
  • $100,000 uninsured motorist bodily injury per person
  • $300,000 uninsured motorist bodily injury per accident
  • $500 collision deductible
  • $500 comprehensive deductible

To determine minimum coverage limits, Bankrate used minimum coverages that meet each state’s requirements. Our base profile drivers own a 2019 Toyota Camry, 2019 Dodge Challenger, 2019 Dodge Charger, 2019 Ford Mustang or a 2019 Chevrolet Corvette, commute five days a week and drive 12,000 miles annually.

These are sample rates and should only be used for comparative purposes.

Written by
Carly Severino
Insurance Contributor
Carly Severino is a contributing insurance writer for Bankrate. With experience writing for Coverage.com, Reviews.com and TheSimpleDollar.com, she has covered a broad range of insurance products.
Edited by
Managing Editor